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ARTICLE · 05 SEPTEMBER 2016

India Launches New Permanent Residency Scheme

Luthra and Luthra Law Offices India
Luthra and Luthra Law Offices India
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Luthra and Luthra Law Offices India

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The Union Cabinet on 31 August 2016 has approved the scheme for grant of Permanent Residency Status to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time.

IndiaGovernment, Public Sector
Shinoj Koshy
Shinoj Koshy
Soumitra Bose
Soumitra Bose
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Introduction

The Union Cabinet on 31 August 2016 has approved the scheme for grant of Permanent Residency Status ("PRS") to foreign investors subject to the relevant conditions as specified in the FDI Policy notified by the Government from time to time. Incidentally the announcement of the scheme coincides with the introduction of a new proposal by the U.S. Citizenship and Immigration Services ("USCIS") on 26 August 2016 which would allow certain international entrepreneurs to be considered for parole (temporary permission to be in the United States) so that they may start or scale their businesses in the United States.

Current Position

Until now, foreign investors entering into India have only been eligible for business visas lasting up to five years. A business visa is strictly granted to such persons who wish to make a business related trip to India, for instance establishment of a business or industrial venture, purchase or sale of industrial / commercial

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